Corporation Part II

CORPORATION
CHAPTER 3
FINLACC BASIC ACCOUNTING REVIEW CJ ALLAUIGAN

OBJECTIVES
After this topic, the student should be able to:

 Connect basic coproation concepts to accounting
transactions.
CORPORATION
CORPORATION
Kinds of Stock as to value
 A par value stock is one in which a fixed value is stated in the

certificate of stock and in the articles of incorporation
 A no par value stock is one without a designated value stated in the
stock certificate but it cannot be sold at less than P5.00
 A stated value stock may be fixed by the Board on some later date.
CORPORATION CJ ALLAUIGAN
CORPORATION
Kinds of Stock as to rights and privileges
 Common stock or ordinary share is the most basic form of capital stock
which gives the holder the right to vote.
 Preferred stock or preference share gives its owners certain advantages
over common stockholders but do not have the right to vote.
CORPORATION
ASSET=LIABILITY+EQUITY
Terms: IAS (STANDARDS) CORPORATION CODE

Authorized Share Capital Authorized Capital Stock
Share Capital Capital Stock
Subscribed Share Capital Subscribed Capital Stock
Ordinary Share Capital Common Stock
Preference Share Capital Prefererd Stcok
Share Premium Additional Paid In Capital (APIC)
Accumulated Profits Retained Earnings
Appropriation Reserve Appropriated Retained Earnings
Treasury Shares Treasury Stock
CORPORATION
Accounting for Stocks (Shares)
 Memorandum entry
 Journal entry method
CORPORATION
Accounting for Stocks (Shares)-Consideration Received
 Cash
 Property ASSETS=LIABILITIES + EQUITY
 Service
CONCEPT CONNECTION
Issuance of shares for Cash, Property & Service
ISSUANCE AT PAR VALUE.
The 10,000 shares were issued at par of P10.
Cash 100,000
Common Stock 100,000
Received cash and issued 10,000 shares
CONCEPT CONNECTION
ISSUANCE OF PAR SHARES AT A PREMIUM
The 10,000 shares, P10 par shares were issued at P15.
Cash(10,000 xP15) 150,000

Additional Paid In Capital (APIC) 50,000
Received cash and issued 10,000 shares at a premium
CONCEPT CONNECTION
Issuance of shares for Cash, Property & Service ISSUANCE AT STATED VALUE.
The 10,000 shares were issued at stated value of P10.
Cash 100,000
Received cash and issued 10,000 shares
CONCEPT CONNECTION
Issuance of shares for Cash, Property & Service SHARES WITH STATED VALUE AT A PREMIUM
The 10,000 shares with stated value of P10 issued at P15.
Cash(10,000 xP15) 150,000

Additional Paid In Capital (APIC) 50,000
Received cash and issued 10,000 shares at a premium
CONCEPT CONNECTION
Issuance of shares for Cash, Property & Service No par share issaunce.
The 10,000 no par value shares for P120,000
Cash 120,000
Received cash for no-par shares issued.
CONCEPT CONNECTION
Problem 2: Hawaiian Corporation issued at 15,000 ordinary shares for cash at

P800,000. Prepare the journal entry to record this event if the stock has:
 Neither par nor stated value.
Cash 800,000
Received cash for no-par shares issued.
CONCEPT CONNECTION

 a P50 par value
Cash 800,000
Common Stock 750,000*
Additional Paid In Capital (APIC)- 50,000
Received cash for P50 par shares issued.
*15,000 XP 50 CORPORATION CJ ALLAUIGAN

CONCEPT CONNECTION

 a P40 stated value
Cash 800,000
Common Stock 600,000*
Paid in Excess of SV 200,000
Received cash for P40 stated value shares issued.
*15,000 xP40=600,000
CONCEPT CONNECTION
PROBLEM 4:
Total Quality Unlimited had the following transactions pertaining to its P20 par value shares:
 Sold for cash 20,000 shares of stocks at P25 per share.
 Land with appraised value of P1,250,000 was received from a

shareholder. The corporation credited a premium of P50,000.
 The corporate lawyer hired by Total Quality Unlimited billed the firm
P120,000 for legal services rendered. He was given corresponding
shares.
CONCEPT CONNECTION
PROBLEM 4:
 Sold for cash 20,000 shares of stocks at P25 per share.
Cash 500,000
Additional Paid in Capital 100,000
Received payment for 20,000 shares at P25.
CONCEPT CONNECTION
PROBLEM 4:

Land 1,250,000 P1,200,000/P20 Pper
share=60,000 shares
Common Stock 1,200,000
were issued
This Common (Preference) Stock accounts will alway be credited based on the par/stated value
of shares (or amount equal to the consideration received for no par, no stated value shares).
CONCEPT CONNECTION
PROBLEM 4:
shares.
P120,000/P20 Pper
Legal Expenses (Organization Cost) 120,000 share=6,000 shares were
issued
CONCEPT CONNECTION
PROBLEM 4:

Land 1,250,000
Common Stock ???
How many shares were issued in exchange for the Land?
CONCEPT CONNECTION
PROBLEM 4:
shares.
Legal Expense 120,000

Common Stock ???
How many shares were issued in exchange for the service?
CONCEPT CONNECTION
Problem 5: SUBSCRIPTION
Prepare the journal entries to record each of the following:
Memorandum Entry Method:
 Feb 1
Authorized to issue 1,000,000 shares,
Best Securities was granted by the SEC to issue 1,000,000 P10 par value.
shares of stocks at par value of P10 after it submitted its
Articles Incorporation providing among others a required PRE-INCORPORATION SUBSCRIPTION
down payment of at least 30% with the balance to be
paid within three months. The articles mentioned four SHARES AUTHORIZED 1,000,000
Subscribed at least 25 % 250,000shs
incorporators who subscribed 75,000 shares each at par.
A and B gave a down payment of 20% while C and D gave SUBSCRIBED CAPITAL (250,000x P10) P2,500,000
Paid In capital MUST at least be 25% of SC 625,000
50%.
CONCEPT CONNECTION
 Feb 1
Subscription Receivable 3,000,000
Best Securities was granted by the SEC to issue 1,000,000 Subscribed Common Stock 3,000,000
Articles Incorporation providing among others a required ABCD 4x 75,000 xP10 P3,000,000
paid within three months. The articles mentioned four
A and B gave a down payment of 20% while C and D gave
50%.
CONCEPT CONNECTION
 Feb 1
Cash 1,050,000
Best Securities was granted by the SEC to issue 1,000,000 Subscription Receivable 1,050,000
Articles Incorporation providing among others a required
paid within three months. The articles mentioned four A&B (2x 75,000 x P10 x20%) 300,000
C&D (2X 75,000 XP10 X50%) 750,000
incorporators who subscribed 75,000 shares each at par. Total 1,050,000
A and B gave a down payment of 20% while C and D
gave 50%.
CONCEPT CONNECTION
 Feb 14
Cash 1,920,000
Best Securities sold for cash 160,000 ordinary shares at Common Stock 1,600,000
P12 per share to various shareholder Additional Paid In Cap. 320,000
Consideration Received 160,000x 12 1,920,000

Common Stock 160,000 x P10 1,600,000
APIC 320,000
CONCEPT CONNECTION
 Mar 14
Land 3,500,000
Gonzalo Enterprises received 320,000 ordinary shares Common Stock 3,200,000
from Best Securities in exchange for land with a cost of Additional Paid In Cap. 300,000
P1,750,000 but at appraised value which is twice its
cost.
Consideration Received at FV 3,500,000
Common Stock 320,000 x P10 3,200,000
APIC 300,000
CONCEPT CONNECTION
 April 28
Legal Expenses(Org Cost) 50,000
Isko Pangilinan, lawyer received 4,500 common shares Common Stock 45,000
from Best Securities for legal services rendered Additional Paid In Cap. 5,000
amounting to P50,000.
Consideration Received at FV 50,000

Common Stock 4,500 x P10 45,000
APIC 5,000
CONCEPT CONNECTION
 April 30
Cash 1,200,000
The balance of the subscription of A &B were collected. Subscription Receivable 1,200,000
Subscribed Common Stock 1,500,000

A&B subscription (2x 75,000 x P10 ) 1,500,0000

Downpayment at 20% - 300,000
Receivable 1,200,000
CONCEPT CONNECTION
Shareholders’ Equity
Best Securities Corporation

Shareholders’ Equity Section
SHARES COMMON
STOCK Authorized to Issue 1,000,000, P10 par shares
Issued &Outstanding 634,500 shares P 6,345,000
160,000 1,600,000 Subscribed Share 1,500,000
Less: Subscription Receivable ( 750,000) 750,000
320,000 3,200,000
Additional Paid In Capital 625,000
4,500 45,000 Retained Earnings (Legal Fee/Organization Cost) ( 50,000 )
Total Shareholder’s Equity 7,670,000
150,000 1,500,000
634,500 6,345,000
CONCEPT CONNECTION
Journal Entry Method:
 Feb 1
Unissued Share Capital 10,000,000
Best Securities was granted by the SEC to issue 1,000,000 Authorized Share Capital 10,000,00
50%.
CONCEPT CONNECTION
 Feb 1
Best Securities was granted by the SEC to issue 1,000,000 Subscribed Common Stock 3,000,000
Articles Incorporation providing among others a required ABCD 4x 75,000 xP10 3,000,000
50%.
CONCEPT CONNECTION
 Feb 1
Cash 1,050,000
Best Securities was granted by the SEC to issue 1,000,000 Subscription Receivable 1,050,000
paid within three months. The articles mentioned four A&B (2x 75,000 x P10 x20%) 300,000
C&D (2X 75,000 XP10 X50%) 750,000
incorporators who subscribed 75,000 shares each at par. Total 1,050,000
A and B gave a down payment of 20% while C and D
gave 50%.
CONCEPT CONNECTION
 Feb 14
Cash 1,920,000
Best Securities sold for cash 160,000 ordinary shares at Unissued Common Stock 1,600,000
P12 per share to various shareholder Additional Paid In Cap. 320,000
Consideration Received 160,000x 12 1,920,000

Common Stock 160,000 x P10 1,600,000
APIC 320,000
CONCEPT CONNECTION
 Mar 14
Cash 3,500,000
Gonzalo Enterprises received 320,000 ordinary shares Unissued Common Stock 3,200,000
from Best Securities in exchange for land with a cost of Additional Paid In Cap. 300,000
P1,750,000 but at appraised value which is twice its cost.
Consideration Received at FV 3,500,000

Common Stock 320,000 x P10 3,200,000
APIC 300,000
CONCEPT CONNECTION
 April 28
Legal Expenses 50,000
Isko Pangilinan, lawyer received 4,500 common shares Unissued Common Stock 45,000
from Best Securities for legal services rendered Additional Paid In Cap. 5,000
amounting to P50,000.
Consideration Received at FV 50,000

Common Stock 4,500 x P10 45,000
APIC 5,000
CONCEPT CONNECTION
 April 30
Cash 1,200,000
The balance of the subscription of A &B were collected. Subscription Receivable 1,200,000

Unissued Common Stock 1,500,000
A&B subscription (2x 75,000 x P10 x) 1,500,0000

Downpayment at 20% 300,000
Receivable 1,200,000
CONCEPT CONNECTION
Shareholders’ Equity
Best Securities Corporation
Authorized to Issue 1,000,000, P10 par shares P10,000,000

Less: Unissued shares ( 3,655,000)
Issued &Oustanding Shares 6,345,000
Subscribed Share 1,500,000
Retained Earnings (Legal Fee/Organization Cost) ( 50,000 )
CONCEPT CONNECTION
Problem 5: COMPARISON shares issued
Memorandum Entry Method: Journal Entry Method:
Best Securities Corporation Best Securities Corporation

Shareholders’ Equity Section Shareholders’ Equity Section
Authorized to Issue 1,000,000, P10 par shares Authorized to Issue 1,000,000, P10 par shares P10,000,000
Issued 634,500 shares P 6,345,000 Less: Unissued shares ( 3,655,000)
Subscribed Share 1,500,000 Issued &Oustanding Shares 6434,500 shares 6,345,000
Less: Subscription Receivable ( 750,000) 750,000 Subscribed Share 1,500,000
Additional Paid In Capital 625,000 Less: Subscription Receivable ( 750,000) 750,000
Retained Earnings (Legal Fee/Organization Cost) ( 50,000 ) Additional Paid In Capital 625,000
Total Shareholder’s Equity 7,670,000 Retained Earnings (Legal Fee/Organization Cost) ( 50,000 )
CONCEPT CONNECTION
Unissued shares, shares available for subscription
Pipay Corporation
Balance Sheet
Mar 31, 2019
Assets Stockholders’ Equity

Cash P5,000,000 Paid In Capital:
Properties 1,560,000 Share Capital,par P10 P1,200,000
Subscription Receivable 500,000 Subscribed 1,000,000
Paid in excess of par 360,000
P,2560,000 P2,560,000
The corporation is authorized to issue 500,000 shares.
How many shares are still unissued? How many shares are still available for sale or subscription?
Authorized shares to issue 500,000 Unissued shares 380,000

Shares Issued (P1,200,000/P10) 120,000 Subscribed (P1,000,000/P10) 100,000
Shares Unissued 380,000 Avaiable for Sale/Subscription 280,000
ASSETS= LIABILITIES+ EQUITY
ISSUANCE
COMMON STOCK RETAINED
PREFERRED STOCK
APIC EARNINGS
__________
SUBSCRIBED CAPITAL (DEFICIT)
(SUBS REC)
CONCEPT CONNECTION
The corporation is authorized to issue 100,000 shares with a par value of P50. A list of the incorporators, their
subscription and payments are given below:
Subscriptions at CORPO CODE:

Incorporators Par Downpayment Second Payment
(Shares) 25%MIN SUBSCRIPTION
-SHARES 25,000
Celerio 5,500.00 P 65,750.00 P 150,250.00 -VALUE P1.25M
Levi 3,000.00 37,500.00 112,500.00
25% OF SUBSRIPTION ( PAID UP
Amboy 4,500.00 56,250.00 168,750.00 CAP) -P312,500
Inocencio 4,000.00 53,000.00 147,000.00
Madrid 3,500.00 43,750.00 115,250.00
Reyes 4,500.00 56,250.00 56,250.00
Determine whether the incorporators complied with 50% paid up capital requirement as provided in the
articles of incorporation.
CONCEPT CONNECTION
Subscriptions SUBSCRIPTION
Incorporators at Par RECEIVABLE/SUBSCRIBED Downpayment Second Payment
(Shares) CAPITAL
Celerio 5,500.00 P275,000 65,750.00 150,250.00

Levi 3,000.00 150,000 37,500.00 112,500.00
Amboy 4,500.00 225,000 56,250.00 168,750.00
inocencio 4,000.00 200,0000 53,000.00 147,000.00
Madrid 3,500.00 175,000 43,750.00 115,250.00
Reyes 4,500.00 225,000 56,250.00 56,250.00
CONCEPT CONNECTION
Subscriptions at SUBSCRIPTION
Incorporators Par RECEIVABLE/SUBSCRIBED Downpayment TEST OF COMPLIANCE
(Shares) CAPITAL
A B C=(B/A) X100%
Celerio 5,500.00 P275,000 P 65,750.00 24%
Levi 3,000.00 150,000 37,500.00 25%
Amboy 4,500.00 225,000 56,250.00 25%
inocencio 4,000.00 200,0000 53,000.00 27%
Madrid 3,500.00 175,000 43,750.00 25%
Reyes 4,500.00 225,000 56,250.00 25%
CONCEPT CONNECTION
Authorized Capital 100,000 SHARES OR P5,000,000
Subscriptions
Incorporators at Par
(Shares)
Celerio 5,500.00
Levi 3,000.00
Amboy 4,500.00
inocencio 4,000.00
Madrid 3,500.00
Reyes 4,500.00
Subscribed Shares Total 25,000
Available for Subscription 75,000
CONCEPT CONNECTION
Subscriptions SUBSCRIPTION Second Total Payment

Incorporators at Par RECEIVABLE/SUBS Downpayment
Payment to Date
(Shares) CRIBED CAPITAL
Celerio 5,500.00 P275,000 65,750.00 150,250.00 P216,000
Levi 3,000.00 150,000 37,500.00 112,500.00 150,000
Amboy 4,500.00 225,000 56,250.00 168,750.00 225,000
inocencio 4,000.00 200,0000 53,000.00 147,000.00 200,000
Madrid 3,500.00 175,000 43,750.00 115,250.00 159,000
Reyes 4,500.00 225,000 56,250.00 56,250.00 112,500

CONCEPT CONNECTION
Subscriptions SUBSCRIPTION
Incorporators at Par RECEIVABLE/SUBSC Downpayment Second Total Payment
Payment to Date
(Shares) RIBED CAPITAL
Celerio 5,500.00 P275,000 65,750.00 150,250.00 P216,000 79%

Levi 3,000.00 150,000 37,500.00 112,500.00 150,000
Issued
Amboy 4,500.00 225,000 56,250.00 168,750.00 225,000
inocencio 4,000.00 200,0000 53,000.00 147,000.00 200,000

91%
Madrid 3,500.00 175,000 43,750.00 115,250.00 159,000
Reyes 4,500.00 225,000 56,250.00 56,250.00 112,500 50%

CONCEPT CONNECTION
Good Health SPA authorized the issue of 500,000, P50 par ordinary shares and had the follwoing transations:
AUTHORIZED SHARES 500,000 Authorized to issue 500,000 shares,
P50 par value.
25% SUBSCRIBED SHARES 125,000 or P6,250,000
25% OF SUBSCRIBED SHARES (PAID-UP) P1,562,500
Oct 1: Five incorporators subscribed to 180,000 shares at par as follows:

Incorporator No of Shares SUBSCRIPTION Downpayment
PRICE (PAR) Subscription Receivable 9,000,000
Lim 30,000 P1,500,000 P400,000 To record subscription
Castilo 40,000 2,000,000 400,000
Buenaventura 30,000 1,500,000 350,000 Cash 2,150,000
Singson 50,000 2,500,000 600,000 To receipt of downpayment
Espiritu 30,000 1,500,000 400,000
TOTAL 180,000 P9,000,000 P2,150,000
CONCEPT CONNECTION
Nov 5: Lawyer billed the Corporation P150,000 for assisting the corporation process and was gien the corresponding
shares.
How many shares?
Legal Expense (Org Cost)150,000
150,000/50=3,000 shares
Nov 10: Sold 10,000 shares at 120% of par.
Cash(10,000 xP60) 600,000

AT PAR VALUE ONLY (ALWAYS) Common Stock 500,000
Additional Paid In Capital(APIC) 100,000
CONCEPT CONNECTION
Dec 1: Incorporators paid half of their subscription

Incorporator No of Shares Downpayment Cash 3,425,000
Lim 30,000 P400,000 Subscription Receivable 3,425,000
Castilo 40,000 400,000
Buenaventura 30,000 350,000 Subscription 9,000,000
Downpayment (2,150,000)
Singson 50,000 600,000 Balance 6,850,000
50% 3,425,000
Espiritu 30,000 400,000
TOTAL 180,000 P2,150,000

CONCEPT CONNECTION
Dec 20: Accepted additIonal 24,000 subscription from Rubio, Perez, Santos and Sammy at P55 per share.Each
subscriber paid 25% downpayment.
Subscription Receivable (24,000xP55) 1,320,000
AT PAR VALUE ONLY (ALWAYS) Subscribed Common Stock(24,000 P50) 1,200,000
APIC 120,000
Cash (P1,320,000 x25%) 330,000 Subscription
Receivable 330,000
CONCEPT CONNECTION
Dec 26: Issued to Zobel 55,000 ordinary shares in exchange for land with a market alue of P3,000,000
Always at FMV of asset

received Land 3,000,000
Common Stock (55,000 xP50) 2,750,000
APIC 250,000
CONCEPT CONNECTION
Dec 31: Incorporators paid Their balance

Incorporator No of Shares Downpayment Cash 3,425,000
Lim 30,000 P400,000 Subscription Receivable 3,425,000
Castilo 40,000 400,000
Buenaventura 30,000 350,000 Subscription 9,000,000
Downpayment (2,150,000)
Singson 50,000 600,000 Balance 6,850,000
50% April 30 3,425,000
Espiritu 30,000 400,000
50% 3,425,000
TOTAL 180,000 P2,150,000
ISSUED SHARES SUBSCRIBED SHARES
3,000 180,000
CONCEPT
10,000 CONNECTION 24,000
Memorandum Entry Method: 55,00
180,000 (180,000)
Good Health Spa

Authorized to Issue 500,000, P50 par shares

Issued &Outstanding 248,000 shares at Par P12,400,000
Subscribed Share 1,200,000
Retained Earnings (Legal Fee/Organization Cost) (120,000)
Total Shareholder’s Equity P12,960,000
CONCEPT
Authorized to issue 100,000,P100 par
CONNECTION
Date Particulars (shares) Authorized Unissued Common Subscribed Share APIC Retained
100,000 or Stock Capital Earnings
P10,000,000 100,000 or
P10,000,000
Mar 1 30,000 subscribed at par, 3,000,000

25%DP, 50%,25%
Mar 3 4,000 issued at P105/sh (400,000) 20,000
Mar 4 3,000 subscribed at 300,000 24,000
108/sh, 25%DP
Mar 10 Organization Cost (100,000)
Mar 12 5,000 issued at P550,000 (500,000) 50,000
Mar 30 COLLECTION
Mar 31 8,500 issued to (850,000) (850,000)

incorporators
Apr 20 2,000 issued from Mar 4 (200,000) (200,000)
Apr 30 Profit 375,500
Resource(s):
Manuel (2021). Financial Accounting and Reporting (23e)

END OF CHAPTER

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CORPORATION

FINLACC BASIC ACCOUNTING REVIEW CJ ALLAUIGAN

After this topic, the student should be able to:

Kinds of Stock as to value

 A par value stock is one in which a fixed value is stated in the

Kinds of Stock as to rights and privileges

Terms: IAS (STANDARDS) CORPORATION CODE

Accounting for Stocks (Shares)

Accounting for Stocks (Shares)-Consideration Received

The 10,000 shares were issued at par of P10.

The 10,000 shares, P10 par shares were issued at P15.

Cash(10,000 xP15) 150,000

The 10,000 shares were issued at stated value of P10.

The 10,000 shares with stated value of P10 issued at P15.

Cash(10,000 xP15) 150,000

The 10,000 no par value shares for P120,000

Problem 2: Hawaiian Corporation issued at 15,000 ordinary shares for cash at

 Neither par nor stated value.

Problem 2: Hawaiian Corporation issued at 15,000 ordinary shares for cash at

 a P50 par value

*15,000 XP 50 CORPORATION CJ ALLAUIGAN

Problem 2: Hawaiian Corporation issued at 15,000 ordinary shares for cash at

 a P40 stated value

 Sold for cash 20,000 shares of stocks at P25 per share.

 Land with appraised value of P1,250,000 was received from a

 Sold for cash 20,000 shares of stocks at P25 per share.

 Land with appraised value of P1,250,000 was received from a

 Land with appraised value of P1,250,000 was received from a

How many shares were issued in exchange for the Land?

Legal Expense 120,000

How many shares were issued in exchange for the service?

Consideration Received 160,000x 12 1,920,000

Consideration Received at FV 50,000

Subscribed Common Stock 1,500,000

A&B subscription (2x 75,000 x P10 ) 1,500,0000

Best Securities Corporation

Consideration Received 160,000x 12 1,920,000

Consideration Received at FV 3,500,000

Consideration Received at FV 50,000

Subscribed Common Stock 1,500,000

A&B subscription (2x 75,000 x P10 x) 1,500,0000

Authorized to Issue 1,000,000, P10 par shares P10,000,000

Problem 5: COMPARISON shares issued

Memorandum Entry Method: Journal Entry Method:

Best Securities Corporation Best Securities Corporation

Assets Stockholders’ Equity

The corporation is authorized to issue 500,000 shares.

Authorized shares to issue 500,000 Unissued shares 380,000

Subscriptions at CORPO CODE:

Celerio 5,500.00 P275,000 65,750.00 150,250.00

Subscriptions SUBSCRIPTION Second Total Payment

Celerio 5,500.00 P275,000 65,750.00 150,250.00 P216,000

Levi 3,000.00 150,000 37,500.00 112,500.00 150,000

Amboy 4,500.00 225,000 56,250.00 168,750.00 225,000

inocencio 4,000.00 200,0000 53,000.00 147,000.00 200,000

Madrid 3,500.00 175,000 43,750.00 115,250.00 159,000

Reyes 4,500.00 225,000 56,250.00 56,250.00 112,500

Celerio 5,500.00 P275,000 65,750.00 150,250.00 P216,000 79%

inocencio 4,000.00 200,0000 53,000.00 147,000.00 200,000

Reyes 4,500.00 225,000 56,250.00 56,250.00 112,500 50%